Article (1) Definitions

For all purposes of this Resolution, the following definitions shall apply, as stated below:

The BSE: shall mean the Bahrain Stock Exchange.
BATS: shall mean the BSE's Automated Trading System.
The CSU: shall mean the BSE's Clearing and Settlement Unit.
The Guarantee Fund: shall mean the Guarantee Contribution Fund established under this Resolution.
The CSDR System: shall mean the BSE's Clearing, Settlement, Depository and Registry System.
The Settlement Bank: shall mean the regulated bank which provides the BSE and its Participants with the necessary facilities to effect payments relating to the settlement of securities transactions executed on the BSE, in accordance with this Resolution.
The Contribution: shall mean the amount that a Participant pays into the Guarantee Fund account upon admission into the BSE's Clearing and Settlement System.
Purchased Securities: shall mean securities where the value has not been paid in full on the Settlement Day.
The Committee: shall mean the Guarantee Fund's Management Committee.
Participant: shall mean the BSE's member who is accepted and permitted by the BSE to effect transfer of securities and other entries in relation to securities traded on the BSE by means of the CSDR system.
Participants' Accounts: shall mean the Participants' clearing and operating accounts with the Settlement Bank
Settlement Day: shall mean the designated day for settlement of obligations resulting from trades on the BSE.